Mobile credit card payments are quickly becoming the way that consumers and businesses send and receive payments. It is estimated that by 2017, the value of mobile payments processed annually will reach $1.3 trillion annually. So why is mobile credit card processing so popular? There are several reasons for this, and if you are a business owner, you should consider these points as you plan your payment solutions for the coming year.
Next-Day Funding
While traditional credit card processing could result in a delay for receiving payments, mobile solutions offer next-day funding, which is particularly critical for small businesses that can’t always wait for weeks to see payments hit their bank accounts.
Business Mobility
POS terminals are only accessible in a brick-and-mortar business or store. Many businesses operate by taking their goods and services to the customer. Hair stylists, construction workers, and caterers use mobile payments to bill their customers at the time of service, reducing the waiting time for payments to be received.
Low Cost
The hardware required for mobile payments is considerably more affordable than registers and POS systems, giving small businesses affordable options for accepting customer payments. Businesses can either buy the equipment at a low upfront cost, or they can rent the equipment for a low monthly fee.
With all the great benefits of mobile payments, it’s no wonder that more and more merchants are switching to this versatile payment platform. The trend of mobile payments is expected to grow in the coming years, with trillions of dollars in revenue expected to come in every year through this platform.
